CONSOLIDATED CASH FLOW STATEMENT for the year ended 31st March, 2016

(₹ crore)

	Year ended 31st March, 2016		Year ended 31st March, 2015
A. Cash Flow from OperatingActivities:
Profit/(Loss) before tax		(1,674.04)		(1,388.09)
Adjustments for:
Depreciation and amortisation expense	5,081.84		5,943.60
Income from non-current investments	(49.95)		(68.79)
(Profit)/Loss on sale of non-current investments	(3,507.52)		(1.73)
(Profit)/Loss on assets sold/discarded/written off	(40.24)		(200.19)
Interest and Income from current Investments	(340.02)		(616.97)
Finance costs	4,128.64		4,847.75
(Gain) / Loss on cancellation of forwards and swaps	15.37		91.50
Exchange (gain)/loss on revaluation of foreign currency loans and swaps	367.86		932.77
Provision for Wealth Tax	-		2.12
Exceptional (inconne)/expenditure	3,974.87		3,928.67
Other non-cash expenditure	218.23		484.79
		9,849.08		15,343.52
Operating Profit before Working.Capital Changes		8,175.04		13,955.43
Adjustments for:
Trade and other receivables	3,243.68		1,441.62
Inventories	5,704.18		(485.36)
Tradepayables and other liabilities	(3,514.70)		(604.91)
		5,433.16		351.35
Cash Generated from Operations		13,608.20		14,306.78
Direct taxpaid		(1,645.01)		(2,427.01)
Net Cash Flow from/(used in) OperatingActivities		11,963.19		11,879.77

B. Cash Flow from Investing Activities:
Purchase of fixed assets⁽¹⁾	(11,485.89)		(13,492.37)
Sale of fixed assets	205.75		1,443.57
Purchase of non-current investments	(497.94)		(172.53)
Acquisition of subsidiaries/joint ventures/associates	(76.67)		(108.05)
Disposal of subsidiaries/joint ventures/undertakings	189.98		1,300.99
Sale of other non-current investments	4,082.03		261.83
(Purchase)/sale of current investments (net)	(3,121.86)		1,703.96
Inter-corporate deposits (net)	62.29		276.91
Fixed/Restricted deposits with banks (placed)/realised	(25.62)		25.68
Interest and Income from current investments received	143.43		211.09
Dividend received	100.30		126.78
Net Cash Flow from/(used in) Investing Activities		(10,424.20)		(8,422.14)

C. Cash Flow from Financing Activities:
Capital contributions received	17.90		12.75
Contribution received from minority.	33.70		0.02
Proceeds from borrowings	14,578.06		45,518.60
Repayment of borrowings	(13,028.03)		(41,213.55)
Amount received/(paid) on cancellation of forwards and swaps	(17.11)		(93.17)
Distribution on Hybrid Perpetual Securities	(266.49)		(266.13)
Expenses (incurred)/reinnbursed on issue of equity instruments	3.36		3.89
Interest paid ⁽¹⁾	(4,300.37)		(5,427.62)
Dividend.paid	(790.38)		(983.39)
Tax on dividend paid	(159.03)		(168.59
Net Cash Flow from/(used in) Financing Activities		(3,928.39)		(2,617.19)
Net increase/(decrease) in Cash and Cash Equivalents		(2,389.40)		840.44
Opening Cash & Cash equivalents [Note 20, Page 252]	(2)	8,525.66		8,406.33
Effect of exchange rate on translation of foreign currency cash and cash equivalents		472.73		(598.99)
Closing Cash & Cash equivalents [Note 20, Pa.g.e 252]		6,608.99		8,647.78

Additional information:
(1) Interest paid is exclusive of and purchase of fixed assets is inclusive of interest capitalised ₹1,231.74 crore (Apr-Mar 15: ₹897.41 crore)
(2) Excludes ₹122.19 crore (Apr-Mar 15: ₹44.97 crore) in respect of subsidiaries and joint ventures disposed off during the year and includes ₹0.07 crore in respect of a subsidiary acquired during the year.
(3) Previous years figures have been recast/restated where necessary.

In terms of our report attached	For and on behalf of the Board of Directors
For DELOITTE HASKINS & SELLS LLP Chartered Accountants	sd/- CYRUS P. MISTRY Chairman (DIN: 00010178)	sd/- NUSLI N. WADIA Director (DIN: 00015731)	sd/- ISHAAT HUSSAIN Director (DIN: 00027891)	sd/- SUBODH BHARGAVA Director (DIN: 00035672)	sd/- JACOBUS SCHRAVEN Director (DIN: 01462126)	sd/- D. K. MEHROTRA Director (DIN: 00142711)
sd/- N. VENKATRAM Partner Mumbai, May 25, 2016	sd/- O. P. BHATT Director (DIN: 00548091)	sd/- ANDREW ROBB Director (DIN: 01911023)	sd/- KOUSHIK CHATTERJEE Group Executive Director Finance & Corporate) (DIN: 00004989)	sd/- T. V. NARENDRAN Managing Director (DIN: 03083605)	sd/- PARVATHEESAM K. Company Secretary (ACS: 15921)